Hull-based electrical contractor KRG M&E Services has gone into liquidation.
KRG M&E Services, which was founded 40 years ago, was initially founded in 1977 undertaking electrical contracting work in the area.
According to reports, the business encountered problems after reliance on one main contract and under-pricing caused cash flow problems and insolvency specialists Wilson Field were appointed as liquidators for the business. Kelly Burton and Lisa Hogg were appointed as joint liquidators on 13 September 2017.
Burton said: “The company had started work with a major contractor working on the refurbishment of student and domestic accommodation and the conversion of existing commercial buildings for residential use.
“However, reliance on this contractor increased until it represented around 80 per cent of turnover. Under-pricing of a contract had a severe impact on cash flow and this coupled with a downturn in work levels, resulted in an accumulation of tax arrears, from which it proved unable to recover.
She added: “Despite attempts to sell the company as a going concern, which at one time had 20 employees on its books and a further 20 subcontractors working for it, no buyer could be found and regrettably the business has ceased trading.
“It is very sad when a long established business fails. Despite strenuous efforts to find a buyer it was without success.”
Ian Maycock of specialist chartered surveyors, Charterfields, handled asset disposal.